'Santa Claus' equity market rally given credence by S&P
S&P analyses December 'Santa Claus' equity market rally; Schroders expects ECB will likely delay sovereign QE until later in 2015; BNP Paribas predicts emerging market equity volatility to pick up; Pioneer Investments suggests new higher volatility and low returns environment; Amundi looks to mixed equity outlook in 2015
The 'Santa Claus rally' - the phenomenon of December being a good month for equity investors - is real, says S&P Dow Jones Indices' director of index strategy, Tim Edwards. Analysing 12 major equity markets, each was given a 'Santa Score' equal to the result of dividing the average performance each December by the annualised total return over the period. Since there are 12 months in the year, a Santa Score of one twelfth (about 0.08) would be expected in the absence of any special effect. None
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